A Monetary Account is a great alternative to a traditional bank account and is opened with a recognised financial institution. It can be used personal or businesses which have been incorporated in different jurisdictions throughout the world, except for New Zealand and USA. They meet our high standards on confidentiality and have an excellent reputation.
After completing a short application, Accounts are usually opened within 24 hours
Why a Monetary Account?
- The Monetary Account is ideal if you are interested in managing your funds offshore or if you experience difficulty obtaining traditional bank accounts for your business or personal needs
- The best currency exchange rates are available enabling you to realise huge savings
- Accounts are usually opened within 24 hours, you will receive your log in details and funding instructions
- Receive a pre-paid card for the account
- Open the account in multi currencies
- All payments are made online
- No visit required
- Fast, simple and easy to open
- No credit checks
Since the accounting group operates via a huge banking network they protect their customers from invasion of privacy. If speed is important this is an alternative option as customers will have a shorter application procedure than traditional banks.
About the Institute
- This is an approved issuer for accounts, operating under the regulations of New Zealand as a New Zealand Financial Company
- They offer Financial Services for both individuals and corporations worldwide with no limit on the number of customers, deposit amounts or selection of currencies
- Accounts opened within 24 hours ready to be funded
- Low activation and deposit fees
- Can send and receive money in multiple currencies
- All funds deposited within IMG are held in top rated secure banks in Europe and are accessible any time of the day
- No lengthy bank forms required and minimum due diligence
What is a Monetary Account?
A Monetary Account is very similar to a Bank Account. It will be opened with a Financial Institution based in New Zealand and not a High Street Bank. The Account is all based online. All payments will be made online and you can send and receive payments in multi currencies.
Corporate Documents Required
We require a copy of the Corporate Documents for the company that is opening a Monetary Account.
The following Corporate Documents are required:
- Certificate of Incorporation
- Memorandum and Articles of Association (if your type of company doesn’t have memorandum and articles then a similar document which sets out the rules of the company)
Personal Documents Required
The monetary account requires the following personal documents from each officer, beneficial owner and authorised signatories within the company:
- Photo of the applicant holding their ID with their face and the ID clearly visible
- Utility Bill dating within the last 3 months
If the applicant of the company is not an officer within the company, proof that the application can open an account on the company’s behalf may be requested.
If any of the above documents are not in English, a translated copy must be obtained.
The account can be opened in Euros
A visit to the Monetary Account offices is not required. The Account can be opened remotely via email and telephone communication.
The Monetary Accounts requires an activation fee of 125GBP or currency equivalent to activate your account. They also require a minimum balance of 250GBP to be on the account at all times.
It usually takes around 1 working day to receive approval. However, the timescale is subject to their workload and if further documents are requested the account opening could take longer.
Banking Facilities Available
- Multi Currencies available
- Send and receive payments in different currencies
- Account is all based online
- Internet Banking
- Pre-paid Cards – transfer money onto the card and withdraw cash from an ATM
- Once we have received all the required identification documents and information, the application is sent to the Banks compliance team. They may request additional documentation. Once the compliance team are satisfied the account will be opened in the time displayed, which is 24-48 hours
- Please click here for a PDF of the Banks fee schedule View
Not Available for Residents/Companies in USA or New Zealand. Also not available for UK Companies, Residents or Companies receiving funds from the UK
Why Choose CFS Formations?
CFS will provide a fast, simple and transparent service that goes the extra mile to ensure complete customer satisfaction. We have a dedicated accounts manager who works within the financial institute which we liaise with to ensure the account opening runs as smoothly. Our experienced team will offer full support throughout the IMG Account opening process.
Bank Account Introductions are not guaranteed, although we do try our best to ensure the account is opened. The Banks criteria can change without prior notice.
Unfortunately, the Bank Account opening is at the discretion of the Bank and their decision is out of our control.
If the Bank decline your application for a Bank Account, kindly note that refunds cannot be provided as we have still processed the application for you.